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October WASDE Preview

October WASDE Preview

Grains have rallied for the first two week’s of October and most analyst estimates ahead of the October WASDE report on Friday look to support that bullish momentum.

Pre-report estimates from analyst show the average yield for corn to drop from 178.5 bu/ac to 177.6 bu/ac. Shrinking the total harvest from 14.9 billion bu to 14.801 billion bu. That is a sizeable increase from the 2019 harvest of 13.617  billion bu. Analyst also expect the average soybean yield to drop from 51.9 bu/ac to 51.7 bu/ac. That small drop decreases the overall soybean harvest size from 4.313 billion bu to 4.292 billion bu. Just like corn this harvest is substantially higher than last year’s soybean harvest of 3.552 billion bu.

US Corn & Soybean Production 2020 Millions of Bushels October Average Range USDA September USDA 2019
Corn 14,801 14,638-14,963 14,900 13,617
avg. yield 177.6 175.4-179.2 178.5 167.4
Harvested Acres 83 82.7-83.5 84 81
Soybeans 4,292 4,249-4,358 4,313 3,552
avg yield 51.7 51.2-52.5 51.9 47.4
Harvested Acres 82.9 82.5-83 83 75
US 20-21 Stock Pile Millions of Bushels October Average Range USDA September
Corn 2,130 1,882-2,333 2,503
Soybeans 360 285-436 460
Wheat 889 835-915 925
US 20-21 Stock Pile Millions of Bushels October Average Range USDA September
Corn 2,439 2,152-2,697 2,756
Soybeans 461 379-576 610
Wheat 926 900-948 925
World Stockpiles 20-21 Million Metric Tons October Average Range USDA September
Corn 299.7 295.5-305 306.8
Soybeans 90.9 88.1-93.1 93.6
Wheat 316.9 310.9-319 319.4
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